In late December of 2017, Congress passed the largest tax reform bill in over 30 years. Almost every individual taxpayer will be affected by these changes, as will many businesses.
Standard deductions decreased due to
- State, local, property, and sales tax (SALT) deduction – changed, capped at $10,000
- Mortgage interest and home equity loans – changed
- Donations – changed
- Miscellaneous deductions subject to the 2% limit – suspended, eliminated
- Personal casualty and theft losses – suspended (with exceptions), eliminated
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